ESET Malware Researcher Robert Lipovsky has reverse-engineered the third variant of the Win32/Induc virus. This is a comparatively small family of viruses (only three major variants since 2009, and discussedback then) that initially worked by adding itself to Delphi programming IDE, ensuring that it could spread largely unnoticed for quite some time as it only infected applications as they were compiled by the authors.

Unlike the previous two variants, which did little more than replicate, the third variant, Win32/Induc.C, contains a much more malicious payload, as well as using additional methods of spreading and a very interesting form of control using stenography, of all things.